Prologis Files 2024 Annual Report

TL;DR

Prologis (PLD) filed its 2024 10-K. All good.

AI Summary

Prologis, Inc. and Prologis, L.P. filed their annual report for the fiscal year ended December 31, 2024. The filing details securities registered on the New York Stock Exchange, including Prologis, Inc.'s common stock (PLD) and various notes issued by Prologis, L.P. with different maturity dates and interest rates, such as the 3.000% Notes due 2026 (PLD/26). Both entities are well-known seasoned issuers.

Why It Matters

This 10-K filing provides investors with a comprehensive overview of Prologis's financial performance and corporate structure for the fiscal year 2024, including details on its publicly traded securities.

Risk Assessment

Risk Level: low — This is a standard annual report filing that provides information about the company's financial status and registered securities.

Key Numbers

• 001-13545 — Commission File Number (Prologis, Inc.)
• 001-14245 — Commission File Number (Prologis, L.P.)

Key Players & Entities

• Prologis, Inc. (company) — Registrant
• Prologis, L.P. (company) — Registrant
• December 31, 2024 (date) — Fiscal year end
• PLD (stock_symbol) — Common Stock trading symbol
• New York Stock Exchange (company) — Exchange where securities are registered
• 3.000% Notes due 2026 (debt_instrument) — Registered debt security
• PLD/26 (debt_symbol) — Trading symbol for 3.000% Notes due 2026

FAQ

Key Financial Figures

• $0.01 — stered Prologis, Inc. Common Stock, $0.01 par value PLD New York Stock Exchan

Filing Documents

• pld-20241231.htm (10-K) — 10896KB
• pld-ex4_1.htm (EX-4.1) — 156KB
• pld-ex21_1.htm (EX-21.1) — 45KB
• pld-ex22_1.htm (EX-22.1) — 17KB
• pld-ex23_1.htm (EX-23.1) — 3KB
• pld-ex23_2.htm (EX-23.2) — 3KB
• pld-ex31_1.htm (EX-31.1) — 17KB
• pld-ex31_2.htm (EX-31.2) — 17KB
• pld-ex31_3.htm (EX-31.3) — 17KB
• pld-ex31_4.htm (EX-31.4) — 17KB
• pld-ex32_1.htm (EX-32.1) — 10KB
• pld-ex32_2.htm (EX-32.2) — 10KB
• img112824353_0.jpg (GRAPHIC) — 9KB
• img139948932_0.jpg (GRAPHIC) — 9KB
• img139948932_1.jpg (GRAPHIC) — 135KB
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• img139948932_12.jpg (GRAPHIC) — 440KB
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• img139948932_14.jpg (GRAPHIC) — 192KB
• img139948932_15.jpg (GRAPHIC) — 206KB
• img139948932_16.jpg (GRAPHIC) — 305KB
• img139948932_17.jpg (GRAPHIC) — 74KB
• img139948932_18.jpg (GRAPHIC) — 211KB
• img139948932_19.jpg (GRAPHIC) — 160KB
• 0000950170-25-021272.txt ( ) — 46989KB
• pld-20241231.xsd (EX-101.SCH) — 3033KB
• pld-20241231_htm.xml (XML) — 10022KB

Business

Business 3 The Company 3 Reportable Segments 5 Future Growth 7 Code of Ethics and Business Conduct 11 Global Impact and Sustainability 12 Environmental Matters 13 Governmental Matters 13 Insurance Coverage 13 1A.

Risk Factors

Risk Factors 13 1B. Unresolved Staff Comments 22 1C. Cybersecurity 23 2.

Properties

Properties 23 Geographic Distribution 23 Lease Expirations 26 Co-Investment Ventures 27 3.

Legal Proceedings

Legal Proceedings 27 4. Mine Safety Disclosures 27 PART II 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 27 Market Information and Holders 27 Preferred Stock Dividends 28 Sales of Unregistered Securities 28 Purchases of Equity Securities 29 Securities Authorized for Issuance Under Equity Compensation Plans 29 Other Stockholder Matters 29 6. [Reserved] 29 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 29 Management's Overview 29 Results of Operations 30 Environmental Matters 39 Liquidity and Capital Resources 39 Critical Accounting Policies 43 New Accounting Pronouncements 44 Funds from Operations Attributable to Common Stockholders/Unitholders 44 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 46 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 47 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 47 9A.

Controls and Procedures

Controls and Procedures 47 9B. Other Information 49 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 49 PART III 10. Directors, Executive Officers and Corporate Governance 49 11.

Executive Compensation

Executive Compensation 49 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 49 13. Certain Relationships and Related Transactions, and Director Independence 49 14. Principal Accounting Fees and Services 49 PART IV 15. Exhibits, Financial Statements and Schedules 49 16. Form 10-K Summary 50 2 Table of Contents The statements in this report that are not historical facts are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements are based on current expectations, estimates and projections about the industry and markets in which we operate as well as management's beliefs and assumptions. Such statements involve uncertainties that could significantly impact our financial results. Words such as "expects," "anticipates," "intends," "plans," "believes," "seeks," "aims," and "estimates" including variations of such words and similar expressions are intended to identify such forward-looking statements, which generally are not historical in nature. All statements that address operating performance, events or developments that we expect or anticipate will occur in the future — including statements relating to rent and occupancy growth, acquisition and development activity, contribution and disposition activity, general conditions in the geographic areas where we operate, expectations regarding new lines of business, our debt, capital structure and financial position, our ability to earn revenues from co-investment ventures or form new co-investment ventures and the availability of capital in existing or new co-investment ventures — are forward-looking statements. These statements are not guarantees of future performance and involve certain risks, uncertainties and assumptions that are difficult to predict. Although we believe the expectations reflected in any forward-looking sta

Business

ITEM 1. Business Prologis, Inc. is a self-administered and self-managed REIT and is the sole general partner of Prologis, L.P. through which it holds substantially all of its assets. We operate Prologis, Inc. and Prologis, L.P. as one enterprise and, therefore, our discussion and analysis refers to Prologis, Inc. and its consolidated subsidiaries, including Prologis, L.P. We invest in real estate through wholly owned subsidiaries and other entities through which we co-invest with partners and investors ("co-investment ventures"). We have a significant ownership interest in the co-investment ventures, which are either consolidated or unconsolidated based on our level of control of the entity. Prologis, Inc. began operating as a fully integrated real estate company in 1997 and elected to be taxed as a REIT under the Internal Revenue Code of 1986, as amended ("Internal Revenue Code" or "IRC"). We believe the current organization and method of operation enable Prologis, Inc. to maintain its status as a REIT. Prologis, L.P. was also formed in 1997. We operate, manage and measure the operating performance of our properties on an owned and managed ("O&M") basis. Our O&M portfolio includes our consolidated properties as well as properties owned by our unconsolidated co-investment ventures, which we manage. We make operating decisions based on our total O&M portfolio as we manage the properties without regard to their ownership. We also evaluate our results based on our proportionate economic ownership of each property included in the O&M portfolio ("our share"). Included in our discussion below are references to funds from operations ("FFO") and net operating income ("NOI"), neither of which are United States ("U.S.") generally accepted accounting principles ("GAAP"). See Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations for a reconciliation of Net Earnings Attributable to Common Stockholders/Unitholders in the Consolidate

View Full Filing

View this 10-K filing on SEC EDGAR